The economy of Amarillo could be greatly affected.

The Hastings corporate office in Amarillo filed Chapter 11 bankruptcy last week. According to President and COO Jim Litwak, the company could either be purchased and achieve financial stability, or completely shut down all of its stores.

He also alluded to several buyers being interested in acquiring the company.

On Wednesday, Litwak did an interview with Karen Welch, Panhandle PBS Senior Content Producer, about the bankruptcy and the future of Hastings.

According to Litwak, Hastings was operating under an outdated business model, which started causing financial trouble a few years ago. Under his leadership, the company tried to revamp its sales tactics and did see some improvement, but, as Litwak put it, they "ran out of cash."

There will be an auction on July 12th where investors can bid on the company, so the future of Hastings will be determined in just a few weeks.

However, it is not a guarantee that there will be a buyer or that a buyer would keep the company, but Litwak has a positive outlook.

You can see the interview here:

Click here to read the story about Hastings filing for bankruptcy.